Section 141.790

Title X TAXATION AND REVENUE

Chapter 141

Effective - 28 Aug 2002, 3 histories, see footnote   (history) 

  141.790.  Accounts relating to each parcel of real estate — proceeds of sale — distribution (charter counties). — 1. Such land trust shall set up accounts on its books relating to the operation, management, or other expense of each individual parcel of real estate.

  2. When any parcel of real estate is sold or otherwise disposed of by the land trust, the proceeds therefrom shall be applied and distributed in the following order:

  (1) To the payment of the expenses of sale;

  (2) To the payment of any penalties, attorney's fees or costs which were included in the judgment originally entered against said parcel of real estate, plus its proportional part of the costs of sheriff's foreclosure sale, as shown on the books of the collector;

  (3) To the payment of the costs of the care, improvement, operation, and management of such parcel of real estate as determined by the land trustees and apportioned to such parcel;

  (4) The balance to be retained by the land trust to pay the salaries and other expenses of such land trust and of its employees, incident to the administration of sections 141.210 to 141.810, including any expenditures authorized by section 141.760, as provided for in its annual budget;

  (5) Any funds in excess of those necessary to meet the expenses of the annual budget of the land trust in any fiscal year, and including a reasonable sum to carry over into the next fiscal year to assure that sufficient funds will be available to meet initial expenses for that next fiscal year, may be paid to the respective taxing authorities and tax bill owners, if any, in the proportion that the principal amounts of the tax bills of each such party bears to the total principal amount of all the tax bills included in the original judgment relating to such parcel of real estate and in the order of their respective priorities. After deduction of all sums charged to each account for various expenses, distribution shall be made to the respective taxing authorities and to tax bill owners having an interest in such parcel of real estate, on January first and July first of each year, and at such other times as the land trustees in their discretion may determine.

­­--------

(L. 1943 p. 1029 § 44, A.L. 2002 H.B. 1634)